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Non-Tech : The ENRON Scandal

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To: Mephisto who started this subject	9/22/2002 11:04:37 PM
From: Mephisto	of 5185

Enron masked loans as sales, report says Deals inflated bottom line by $1.4 billion Sept. 22, 2002, 12:29PM By ERIC BERGER and TOM FOWLER Copyright 2002 Houston Chronicle chron.com The following is an excerpt: " Nearly $1.4 billion in asset sales Enron recorded in recent years were little more than thinly disguised loans, according to a report issued Saturday by an independent bankruptcy examiner. The little-known deals, which used a twisting maze of swaps, transfers and hedges, inflated Enron's bottom line between 1997 and late 2001 and contributed to the energy company's meteoric rise. The six transactions outlined in examiner Neal Batson's report also raise substantial questions about the role large investment banks played in financing the transactions. Several banks mentioned in the report, including J.P. Morgan Chase, Citibank and ABN AMRO, are among Enron's largest creditors in the company's bankruptcy proceedings. The potential for conflicts of interest is a prime reason Judge Arthur Gonzalez named an independent examiner to study the financial" transactions. " chron.com

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